After plunging in 2002, ImClone's stock has surged more than 70 percent year to date amid hopes the biotech firm will be able to successfully re-apply for U.S. regulatory clearance for Erbitux. See full story.

Shares of Bristol-Myers Squibb
BMY, -0.03%
which has rights to co-market Erbitux in the United States, edged up 6 cents to $21.56.

Other companies working on drugs similar to Erbitux also saw their shares rise. Shares of OSI Pharmaceuticals
OSIP
advanced 74 cents, or 5 percent, to $16.42 and shares of Abgenix
ABGX
surged 74 cents, or 9 percent, to $8.86.

OSI, Abgenix and ImClone are all hoping to win clearance to market a new class of drugs that are designed to disrupt the biochemical signals that fuel cancer's growth.

Elsewhere, Swiss-based pharmaceutical company Novartis
NVS, +0.27%
announced its second significant partnership of the week with a biotech firm

In exchange for co-marketing rights to an experimental rheumatoid arthritis treatment, Novartis agreed to invest $48 million in stock of Regeneron
REGN, -0.31%
The pharmaceutical company also agreed to pay Regeneron $27 million upon closing for its development activities.

On Wednesday, Novartis had announced that it would pay $255 million for a 51 percent stake in privately held biotech firm Idenix Pharmaceuticals.

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